Mumbai: Mortgage lender Housing Development Finance Corporation (HDFC) Ltd on Monday reported a 1.7 per cent drop in its net profit in the June 2021 quarter at Rs 3,001crore against Rs 3,051.52 crore in the year-ago quarter.
However, the company said the profit numbers for the quarter are not directly comparable with those of the previous year. This is due to lower profit on sale of investments, lower dividend, higher charge for employee stock options and the effective tax rate of 23.1 per cent in 2021-22 as against 15.4 per cent in the last financial year.
HDFC’s gross non-performing loans (GNPA) as at June 30, 2021 stood at Rs 11,120 crore, equivalent to 2.24 per cent of the loan portfolio. The GNPA ratio in Q4FY21 was at 1.98 per cent. The lender said individual bad loans increased due to slippages on the pandemic.
The collection efficiency for individual loans on a cumulative basis in June 2021 stood at 98.3 per cent compared to 98 per cent in March 2021.